Malta will be launching its own economic passport as a Malta Citizenship Programme. The new Individual Investor Programme will be a good opportunity for investors to contribute to the local Maltese economy whilst at the same time benefiting from a citizenship in Malta, and European Union member state.
Malta Citizenship by Investment will be granted under an amendment to the Maltese Citizenship Act, Chapter 188 of the Laws of Malta, by a bill presented in October 2013. Under the new Malta citizenship by investment programme, defined in the Citizenship bill as the “Individual Investor Programme” (IIP) affluent persons of impeccable standing and repute are able to apply to be naturalised and to receive a Maltese passport on the basis of a contribution to be made to a National Development Fund, to be applied for use in the national interest. Readers should note that this Maltese citizenship programme is still a bill and therefore the details below are indicative. It is expected to become law by publication in October 2013. The first pilot programme is scheduled for November.
Malta Citizenship: Eligibility
To access the Malta Citizenship Program, main applicants must be represented by Authorised Registered Mandataries and are required to contribute €650,000 to an independently managed National Development Fund to be set up by the Government of Malta for the purpose. Spouses and children of applicants for Malta citizenship are required to contribute €25,000 while unmarried children between the ages of 18 and 25 and dependant parents will also be granted citizenship on the basis of a contribution of €50,000 each.
To qualify under the regulations of this programme, a Main Applicant for citizenship must be at least 18 years of age and must meet the follow requirements:
Contribution to the National Development & Social Fund
To access the Maltese citizenship program, main applicants must be represented by Authorised Registered Mandataries and are required to contribute €650,000 to Malta. Of this contribution, 70 per cent will go into a National Development and Social Fund to be set up by the Government of Malta and to be run by a board of trustees on the lines of the Sovereign Wealth Fund in Norway. The rest will go to the consolidated fund.
The CNDSF's scope will be to carry out projects linked to education, innovation, job creation and the implementation of the jobs plus strategy, social projects and projects in the public health sector. The fund will be on the same level as the Central Bank
Spouses and children of applicants for Malta citizenship are required to contribute €25,000 while unmarried children between the ages of 18 and 25 and dependent parents will also be granted citizenship on the basis of a contribution of €50,000 each.
Property Purchase or Rental
Applicants are required to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 p.a. both on five-year contracts.
Investment in Bonds/Shares
Applicants are required to invest at least €150,000 in bonds or shares in Malta to be kept for five years. This investments will need to be made in stocks sanctioned by the government as beneficial to the Island. The total investment to be made by applicants for Citizenship by Investment would be of €1.15m.
